This presentation is for informational purposes only and may not be copied, reproduced or redistributed in whole or in part without the prior written permission of South Texas Money Management, Ltd. This presentation contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This presentation is not intended to constitute investment advice. Market and economic views are subject to change without notice and may be untimely when presented here. You are advised not to infer or assume that any securities, sectors or markets described in this presentation were or will be profitable. Securities identified in this presentation do not represent all of the securities purchased, sold or recommended for advisory clients. You should not assume that any securities recommendations made in the future will be profitable. Index information is included merely to show the general trend in the markets for the periods indicated and is not intended to imply that client accounts will be similar to the index either in composition or risk. Due to timing issues, tax considerations or other individual portfolio characteristics, some client portfolios may not hold the securities mentioned in this presentation. None of the graphs, charts, formulas or other devices in this presentation are, in and of themselves, sufficient to form the basis of a trading decision. Individual securities described herein do not represent all of the securities purchased or sold by STMM. They are intended merely to illustrate certain industries discussed. For a complete list of securities purchased, please contact STMM. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. STMM®, South Texas Money Management®, and “Helping Individuals, Individually” are registered trademarks owned by South Texas Money Management, Ltd.

Index and Other Information

The performance and other information contained herein is subject to change. Total return includes reinvestment of dividends and interest, as well as accrued income and capital gain or loss. There is a possibility of loss. Past performance is not indicative of future results.

Index information is included merely to show the general trend in the markets for the periods indicated and is not intended to imply that client accounts will be similar to the index either in composition or risk. Additionally, the index may vary from client accounts in various ways including volatility, types of securities, investment objective, and level of diversification.

The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets. It consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. As a net total return index, dividends are reinvested after the deduction of withholding taxes, using a tax rate applicable to

non-resident institutional investors who do not benefit from double taxation treaties.

The Standard & Poor’s 500 Index (S&P 500®) is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. The criteria for including a name in any index may be more restrictive or limiting than the criteria STMM uses in adding companies to its equity portfolios or bonds to its fixed income portfolios. For example, STMM equity portfolios may include international stocks as well as stocks of companies having a market capitalization below $3.5 billion, neither of which would be eligible for inclusion in the S&P 500 Index. Index information is included merely to show the general trend in the markets for the periods indicated and is not intended to imply that client accounts will be similar to the index either in composition or risk. Indices do not include cash balances.

Although the information contained in this report has been obtained from sources believed to be reliable, its accuracy and completeness cannot be guaranteed. Additional information regarding policies for calculating and reporting returns is available upon request. To receive a complete list and description of STMM’s composites and/or a presentation that adheres to the GIPS® standards, contact Jennifer Mendez, 210.824.8916, and/or jmendez@stmmltd.com.